I don't trade GOLD because GOLD is very hard to trade. It's very difficult to understand what dynamic drives GOLD price.
Gold price moves opposite with dollar, when you consider gold, you must consider USDOllar index too.
In this topic, I just show some interesting matter regarding to GOLD. that's Fib channel which Tradingview provided.
I draw on the chart, GOLD price respects this channel greatly. It reaches step by step fib channel and use those channels as support and resistance.
Moreover, gold also respects FIB retracement level too.
Thus, gold traders could use those lines to trade gold.
In my opinion, GOLD will continue to decrease because US stock keep going t o rally causue of good prospect of US economy.
All problems connect to FED. If FED taper QE3 to 35-40 billion. That is a big problem and that is the signal for strong buying GOLD.
Gold price moves opposite with dollar, when you consider gold, you must consider USDOllar index too.
In this topic, I just show some interesting matter regarding to GOLD. that's Fib channel which Tradingview provided.
I draw on the chart, GOLD price respects this channel greatly. It reaches step by step fib channel and use those channels as support and resistance.
Moreover, gold also respects FIB retracement level too.
Thus, gold traders could use those lines to trade gold.
In my opinion, GOLD will continue to decrease because US stock keep going t o rally causue of good prospect of US economy.
All problems connect to FED. If FED taper QE3 to 35-40 billion. That is a big problem and that is the signal for strong buying GOLD.